VersaBank has decided not to proceed with its original public offering of non-cumulative 5-year rate reset preferred shares of the Bank.

The Bank recently announced it is withdrawing from its short form prospectus, which was filed last month due to current market conditions.

As Canada’s first digital only bank which was built on a “electronic branchless model” concept, the Bank’s operating divisions are centered around deposits and financing. The Bank also works with residential development and commercial mortgages through brokers and a direct contact lending staff.

The Bank works with many large Canadian bank-owned brokerages and over 100 financial advisory firms across Canada. The Bank has three lending areas which include the bulk receivable purchase program, commercial and corporate lending and real estate and development financing which operate throughout the country.

Founded in 1980 as the Pacific & Western Trust Corporation, VersaBank operates its headquarters out of London, Ontario with deposit services also operating from Saskatoon and Saskatchewan and lending offices in various centres.

The Bank trades common shares on the Toronto Stock Exchange under the VB symbol with its Series 1 Preferred Shares and Series 3 Preferred Shares trade under VB.PR.A and VB.PR.B.